Technical Analysis

Daily Technical analysis for October 16, 2020

Daily Technical analysis for October 16, 2020

EURUSD

The EURUSD is moving in a downward direction on the hourly interval. We await the breach of the support level 1.1690 to sell again.

Resistance levels: 1.2000 - 1.2100 - 1.2200

Support levels: 1.1690 - 1.1600 - 1.1500  

Trend: Bearish

 

GBPUSD

The GBPUSD pair is moving in a downward direction on the hourly interval. We expect more decline for the pair to reach the price level of 1.2810.

Resistance 1.3100 - 1.3200 - 1.3300

Support: 1.2800 - 1.2700 - 1.2600

Direction: Bearish

 

USDJPY

The USDJPY pair is moving downwardly on the hourly interval. The pair broke the uptrend line, and it is likely to fall in the coming hours. It is preferable to wait until the breach of 105.00.

Resistance 106.00 - 107.00 - 108.00

Support: 105.00 - 104.00 - 103.00

Trend: Bearish

 

Gold

Gold is moving in a downward direction on the hourly interval. the pair is facing the support level represented by the ascending classical channel, and it may rise to the level of 1910 during the coming hours.

Resistance: 1900- 2000- 2100

Support 1850 - 1750 - 1700

Trend: Bullish

 

Oil

Oil (Brent crude) is showing volatile movements on the one-hour timeframe. The price may fall to 41.20 level.

Resistance 43.00 - 45.00 - 47.00

Support: 41.00 - 40.00 - 37.50

Trend: Volatile



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